BREAKFAST DEALS: Centro squabble

The remnants of Centro, crippled by the first chapter of the global financial crisis, are hanging together as the second chapter looms over debt markets. The fact that the group has managed to survive this long is truly remarkable and while its restructure deal looks all but assured, its former auditors, PricewaterhouseCoopers, are making sure that every last avenue to delay or derail the deal is exploited. But chief executive Robert Tsenin should know by 11am today if his efforts have been worth it. Spotless Group chairman Peter Smedley has come up with a clever way of keeping all parties happy without giving too much away to suitor Pacific Equity Partners, while Foster’s Group chairman David Crawford can officially call it a day. Meanwhile, the ACCC has given Arrow Energy the green light to grab Bow Energy, but one investment bank says Foxtel-Austar won’t be so lucky, TPG Telecom’s David Teoh is creeping after iiNet and Mark Carnegie says he and John Singleton are still thinking about Fairfax’s city radio assets.

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